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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessor, Operating Leases
Lessor
For the years ended December 31, 2025, 2024 and 2023, revenue from tenant leases was $29.1 million, $29.4 million and $25.3 million, respectively. Revenue from tenant leases is included in Other revenues in the Company’s Consolidated Statements of Income.
At December 31, 2025, the Company’s tenant leases had remaining lease terms ranging from less than one year to approximately 26 years. The following table presents undiscounted future minimum rentals to be received under operating leases as of December 31, 2025 (amounts in thousands):
Year Ending December 31,
2026$10,867 
20277,819 
20285,791 
20294,247 
20302,783 
Thereafter
6,106 
$37,613 
Leases of Lessee Disclosure Leases
Lessee
The components of lease expense were as follows (amounts in thousands):
Year Ended December 31,
202520242023
Operating lease cost
$7,673 $7,827 $7,375 
Short-term lease cost
1,051 757 669 
Variable lease cost
24,018 26,359 21,383 
Amortization of finance lease right-of-use assets
3,506 — — 
Finance lease interest cost790 — — 
Total lease expense
$37,038 $34,943 $29,427 
Supplemental balance sheet information related to leases under which the Company is the lessee was as follows (amounts in thousands):
December 31,
Balance Sheet Classification20252024
Assets
Operating leasesOther assets, net$28,108 $28,247 
Finance leasesFinance lease right-of-use assets, net$38,561 $— 
Current liabilities
Operating leasesOther accrued liabilities$5,863 $6,444 
Finance leasesCurrent portion of finance lease liabilities$9,810 $— 
Non-current liabilities
Operating leasesOther long-term liabilities$28,665 $28,148 
Finance leasesLong-term finance lease liabilities, less current portion$31,123 $— 
Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$7,270 $7,239 $5,886 
Operating cash flows from finance leases
391 — — 
Financing cash flows from finance leases
$1,525 $— $— 
Right-of use assets obtained in exchange for new lease liabilities:
Operating leases$7,369 $3,690 $2,522 
Finance leases$42,067 $— $— 
Supplemental other information related to leases under which the Company is the lessee was as follows:
Year Ended December 31,
202520242023
Weighted-average remaining lease term - operating leases (years)20.018.717.6
Weighted-average remaining lease term - finance leases (years)3.70.00.0
Weighted-average discount rate - operating leases
5.61 %5.45 %5.34 %
Weighted-average discount rate - finance leases5.80 %— %— %
Future minimum lease payments required under operating and finance leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2025 are as follows (amounts in thousands):
Year Ending December 31,
Operating LeasesFinance Leases
2026$7,005 $13,770 
20276,358 11,808 
20284,844 11,808 
20292,024 7,872 
20302,179 — 
Thereafter
54,328 — 
Total future lease payments
76,738 45,258 
Less imputed interest
(42,210)(4,325)
Total lease liabilities$34,528 $40,933 
The Company leases retail space from a company affiliated with Robert Lewis, an independent director of the Company, and his family. The lease, which was entered into in January 2023, has an initial term of ten years and the Company has four five-year renewal options. The annual base rent under the lease is $209 thousand for the first five years of the lease and $234 thousand for years six through ten. For the four five-year renewal periods, the annual base rent ranges from $262 thousand to $368 thousand. The Company is also required to pay additional rent to the lessor representing the proportionate share of real property taxes, insurance and common area expenses associated with the leased premises. The Company recognized an operating lease right-of-use asset and right-of-use liability of $1.6 million each. For the year ended December 31, 2025, the Company paid $339 thousand to the lessor pursuant to the lease. The Company made no payments to the lessor for the year ended December 31, 2024.
Related Party Transactions Disclosure The Company leases retail space from a company affiliated with Robert Lewis, an independent director of the Company, and his family. The lease, which was entered into in January 2023, has an initial term of ten years and the Company has four five-year renewal options. The annual base rent under the lease is $209 thousand for the first five years of the lease and $234 thousand for years six through ten. For the four five-year renewal periods, the annual base rent ranges from $262 thousand to $368 thousand. The Company is also required to pay additional rent to the lessor representing the proportionate share of real property taxes, insurance and common area expenses associated with the leased premises. The Company recognized an operating lease right-of-use asset and right-of-use liability of $1.6 million each. For the year ended December 31, 2025, the Company paid $339 thousand to the lessor pursuant to the lease. The Company made no payments to the lessor for the year ended December 31, 2024